Exports to EU plunged 41% in January as Brexit transition period ended
Exports of UK goods to the European Union dropped by more than two-fifths in January as the Brexit transition period came to an end.
New figures from the Office for National Statistics (ONS) show that overall exports from the UK fell by £5.6bn – 19.3%. It was driven by a £5.6bn, or 40.7%, plunge in exports of goods to the EU, the ONS said.
Imports also fell, by £8.9bn overall (21.6%), while imports from the EU dropped £6.6BN (28%), the figures show.
The underlying total trade deficit fell £3.7 billion to £1.9 billion in January:
▪️ goods exports fell £5.3 billion, with EU exports falling £5.6 billion
▪️ goods imports fell £8.9 billion, with EU imports falling £6.6 billion
➡️ https://t.co/XneHYpEn3B pic.twitter.com/TWTh4iBYsc
— Office for National Statistics (ONS) (@ONS) March 12, 2021
The end of the transition period coincided with the spread of a new strain of coronavirus (Covid-19) in the UK, causing lorry drivers to need tests to cross the border at the English Channel. Another national lockdown was also imposed at the beginning of the month.
Since then, other measures have shown that trade levels have in part recovered.
Companies had been stockpiling ahead of the end of the transition period, and may also have been using their stock instead of buying new goods in January.
Because the value of imports fell more than exports in January, the trade deficit for the month narrowed by £3.7bn to £1.9bn.
We know everyone is suffering under the Tories - but the Canary is a vital weapon in our fight back, and we need your support
The Canary Workers’ Co-op knows life is hard. The Tories are waging a class war against us we’re all having to fight. But like trade unions and community organising, truly independent working-class media is a vital weapon in our armoury.
The Canary doesn’t have the budget of the corporate media. In fact, our income is over 1,000 times less than the Guardian’s. What we do have is a radical agenda that disrupts power and amplifies marginalised communities. But we can only do this with our readers’ support.
So please, help us continue to spread messages of resistance and hope. Even the smallest donation would mean the world to us.
Leave a ReplyYou must be logged in to leave a comment.Join the conversation
Please read our comment moderation policy here.